Ottawa, June 4, 2021 – Innovative Medicines Canada (IMC) calls on the federal government to suspend the implementation of the Patented Medicine Prices Review Board’s (PMPRB) regulatory changes which are set to come into effect on July 1.
The PMPRB regulatory changes will have significant unintended consequences on patient access to the newest medicines and treatments, while also diverting R&D and investment away from Canada’s life sciences sector.
If Canada wants a vibrant and competitive life sciences sector that ensures access to innovative medicines, a suspension in the PMPRB’s regulatory changes would provide the appropriate time and process to consider that the price of innovative medicines are not the primary cost drivers for Canadian public and private drug plans.
Policy decisions should be based on the value medicines and vaccines bring to Canadians, as well as fair and accurate reporting on patented medicine pricing. Contrary to PMPRB’s claims that drug prices are amongst the highest in the developed world, Canadian prices have been in the middle of the current basket of seven comparator countries.
Our industry has put forward a comprehensive strategy to build a thriving life sciences sector in Canada – an approach that considers not just the price of patented medications, but one that would benefit Canadians by ensuring access to innovative medicines and help build a strong life sciences sector.
About Innovative Medicines Canada
Innovative Medicines Canada is the national association representing the voice of Canada’s innovative pharmaceutical industry. The association advocates for policies that enable the discovery, development, and delivery of innovative medicines and vaccines to improve the lives of all Canadians and supports the members’ commitment to being a valued partner in the Canadian healthcare system. The association represents 47 companies who invest nearly $1.2-billion in R&D annually, fueling Canada’s knowledge-based economy, while contributing $8-billion to Canada’s economy. Guided by the Code of Ethical Practices, all members work with governments, private payers, healthcare professionals, and stakeholders in a highly ethical manner.
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